Shinsegae to increase outlets in China to 30 by year-end

SEOUL, Feb. 18 (Yonhap) -- South Korean retailer Shinsegae Co. said Wednesday it aims to increase the number of its discount stores in China to 30 from 19 by the end of this year, despite the deepening global economic slump.

"The Chinese market is still attractive in spite of the global economic
recession," Chung Yong-jin, vice chairman of Shinsegae, said at a forum in Seoul
organized by JP Morgan & Chase Co.
"In 2010, the Chinese market is expected to generate a visible result for
Shinsegae's new growth engine," Chung said.
By 2013, Shinsegae, which operates South Korea's largest discount chain E-Mart,
plans to expand its chain to 88, Chung said.
However, Chung admitted Shinsegae's chains in China were still in the red.
"If the number of chains rises to 30, they will be profitable," Chung said.
It was the first time that Chung, 41, the only son of Lee Myung-hee, chairwoman
of Shinsegae, has talked of details of Shinsegae's business plan.
Last month, Shinsegae predicted its sales to grow 18 percent this year to 12.8
trillion won (US$8.7 billion).
The company predicted a full-year operating profit of 950 billion won, up 13.1
percent from the year before.